Mastercard case study | Marketing transformation for the new world | Priceless campaign | Surprises

Summary

In this video, Harry, a speech robot, presents a case study on Mastercard’s iconic 'Priceless' campaign. Launched in 1997 to address competitive pressures, the campaign focused on connecting emotionally with consumers, emphasizing experiences and relationships over material purchases. The video explores the evolution of the campaign, which became a global success for 17 years, engaging audiences across various countries and languages. It also covers Mastercard's four 'Priceless' platforms—Cities, Causes, Perks, and Surprises—that offered unique experiences, supported social causes, and created brand loyalty. The campaign's success drove brand preference and increased consumer engagement worldwide.

Takeaways

• 😀 Mastercard's 'Priceless' campaign was launched in 1997 to overcome intense competitive pressures and improve consumer relevance.
• 😀 The campaign aimed to grow brand awareness and increase dollar volume by showcasing real human experiences and emotions.
• 😀 The core message of the campaign was that 'there are some things money can't buy, for everything else there's Mastercard.'
• 😀 Mastercard's campaign was a global success, running in 112 countries and 53 languages, resonating universally with consumers.
• 😀 The campaign focused on experiences over material things, highlighting shared moments and relationships as the true value Mastercard provides.
• 😀 The 'Priceless' campaign evolved into a holistic marketing platform, with four key experiential platforms: Priceless Cities, Priceless Causes, Priceless Perks, and Priceless Surprises.
• 😀 'Priceless Surprises' involved leveraging major sponsorships in music and sports, such as partnerships with artists like Justin Timberlake, creating viral surprises for fans.
• 😀 'Priceless Causes' focused on philanthropic efforts, raising funds for cancer research and other important causes, such as poverty and hunger.
• 😀 'Priceless Cities' offered exclusive, unique experiences in over 40 cities, giving Mastercard cardholders access to extraordinary activities.
• 😀 'Priceless Perks' provided cardholders with special offers, such as discounts on MLB merchandise and exclusive access to sports events.
• 😀 The campaign generated millions of leads, increased consumer engagement, and resulted in a 30% growth despite a reduction in global marketing budget from 10% to 7.5% of revenues.

Q & A

What was the primary challenge Mastercard faced in 1997?

In 1997, Mastercard was facing intense competitive pressures, a lack of consumer relevance, eroding member bank confidence, and global support. The company needed an idea to break free from old perceptions and elevate its brand.

What criteria did Mastercard use to develop the 'Priceless' campaign?

The criteria for the 'Priceless' campaign included being relevant, newsworthy, memorable, capable of changing consumer behavior, and measurable in driving preference for Mastercard.

How was the 'Priceless' campaign positioned and what was its mission?

The 'Priceless' campaign was positioned as emotional and functional, aiming to highlight Mastercard as the global payments leader. Its mission was to grow brand awareness and gross dollar volume in every market Mastercard was present.

What is the core message of the 'Priceless' campaign?

The core message of the campaign is that there are some things money can't buy, and for everything else, there’s Mastercard. It emphasizes the emotional value of experiences over material goods.

What makes the 'Priceless' campaign timeless?

The 'Priceless' campaign is timeless because it resonates with universal truths about life and experiences that matter most. Despite slight adaptations to cultural nuances, the emotional core remains unchanged, creating lasting impact.

How did Mastercard evolve the 'Priceless' campaign over the years?

Mastercard evolved the campaign by introducing new positioning with the idea of 'connecting people with priceless possibilities.' They transitioned 'Priceless' from an advertising platform to a holistic marketing platform with experiential manifestations.

What are the four platforms created under the 'Priceless' marketing initiative?

The four platforms under the 'Priceless' marketing initiative are: Priceless Cities, Priceless Causes, Priceless Perks, and Priceless Surprises.

How does the 'Priceless Surprises' platform work?

The 'Priceless Surprises' platform leverages Mastercard's sponsorships in areas like music, sports, and entertainment. It offers unexpected experiences, such as personalized surprises from artists like Justin Timberlake, which engage consumers and create viral impact.

What was the impact of Mastercard's 'Priceless Causes' platform?

The 'Priceless Causes' platform focused on social causes such as cancer research, with campaigns like 'Stand Up to Cancer.' It raised more than $30 million for cancer research, helping Mastercard connect with consumers who care about social issues.

What were the results of the 'Priceless' campaign for Mastercard?

The results included increased brand preference, higher consumer engagement, and better relationships with merchants. The campaign generated millions of leads, boosted spending and transactions, and led to a reduction in global marketing budget from 10% to 7.5% of revenues, despite a 30% growth.